What Affects the Value of Your Property?

Unsurprisingly, there are various factors that can affect the value of your property. As homeowners, we are always looking for ways to better our houses and make them the most desirable they can be- not just for the validation of guests and prospective buyers, but also for ourselves. The value of your home is often decided by what willing buyers find interesting, valuable and helpful. Each buyer may come to a different conclusion regarding the value of your house, as the needs are subjective to the buyer. Although there may be a few obvious things that affect the value of your house, such as location, there are various other factors that may be helpful or a hindrance. If you’re wondering “how can I sell my house fast?” perhaps looking into the varying factors that affect the value of your house is a great place to start- and We Buy Any House have compiled our top points.

School Zones:

This is a hugely important factor when it comes to affecting the value of your property. Prospective buyers who have children or are intending on starting a family often seek houses that are in the catchment area of good schools, and studies have shown that nationally, the top growth rates around schools were up between 18-41%.

Area Track Record:

Crime happens everywhere, and if it doesn’t concern you- there isn’t a lot you can do to prevent these things happening in your local area. However, research has shown that if you live in an area that is the scene of a highly publicised crime (such as murder), then the value of your property could fall. Therefore, it’s probably wise to wait until the frenzy has died down before you put your property on the market.

Public Transport:

Having good public transport near your home Is extremely beneficial when it comes to increasing the value of your home. This is due to the increase in demand for people who want a connected and convenient commute to work- rather than having to take a longer and more tedious journey to work. However, you should also be aware that being too close to public transport may also be a negative, as it could be a disruption to the serenity of your home life.

Names and Numbers:

The name of the road in which the property is located on can sometimes increase the value of your property by up to 73%. Studies have shown that properties located on ‘Warrens’ help increase the value of the property the most, whereas ‘courts’, ‘terraces’ and ‘streets’ are the lowest. Additionally, if you give your house a name instead of a number, this could add value to your home- however it’s important to consult with your local council to ensure that name hasn’t already been taken.

Amenities:

Our ever-growing love for food and drink culture has made having local amenities near our homes a necessity. If you’re lucky enough to live near Michelin-starred restaurants, or a fancy bar or pub, this can drastically increase the value of your property. The notion of having these amenities within walking distance (or a short taxi ride) is a massively sought-after feature.

Neighbourhood Comps:

Another factor which can affect the value of your property is the houses surrounding yours. If your house is on the market, then the price of your property is determined by the sale prices of similar homes in your neighbourhood that have been sold recently. These are often referred to as “comps”, and whether it’s a home appraisal, Open-door evaluation or a comparative market analysis done by an agent, this is how most real estate experts will value your property.

“Bad Taste”:

If your house is perceived has having “bad taste”, then this can be a hindrance to the value of your property. Staggeringly, 5-10% can be knocked off the price of your home, so while you may think that a design is beautiful and unique- it can actually be to the distaste of others. It’s best to stick with neutral themes and decoration if you’re aiming to sell your home.